The AICPA Accounting Standards Executive Committee (AcSEC) issued Statement of Position (SOP) 04-2, Accounting for Real Estate Time-Sharing Transactions, to address diversity in practice caused by a lack of guidance specific to real estate time-sharing transactions.* The AICPA AICPA See American Institute of Certified Public Accountants (AICPA). Accounting Standards Executive Committee (AcSEC) issued Statement of Position (SOP) 04-2, Accounting for Real Estate Time-Sharing Transactions, to address diversity in practice caused by a lack of guidance specific to real estate time-sharing transactions. Concurrently the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). (FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). ) issued Statement of Financial Accounting Standards no. 152, Accounting, for Real Estate Time-Sharing Transactions--an amendment of FASB Statements No. 66 and 67, which includes amendments to FASB pronouncements This article is a list of Financial Accounting Standards Board (FASB) pronouncements, including Statements, Concepts Statements, Interpretations, and Technical Bulletins, which are issued to provide rules and guidelines in preparing, presenting, and reporting financial statements being made in conjunction with issuance of the SOP which is effective for financial statements issued for fiscal years beginning after June 15, 2005, with earlier application encouraged. The SOP is available separately (product no. 014942JA) or through a Technical Practice Aids subscription (product no. WTP-XXJA) from the AICPA order department at 888-777-7077 or online at www.cpa2biz.com. |
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